Hi
I have been in London for 3 years and am considering buying a place there. I can't do it without selling a property here. If i list the details below I wonder could people advise if there's an obvious answer. Both 3 bed semis in the suburbs of Dublin with rental income of about 1000(less than market rate but good tenants)
1) Purchased 1999 for 120k Current value 240k mortgage paid off
2) Purchased 2005 200k. Current value 240k Mortgage remaining 120k Rate 5 % 1100pcm
Property 1 not considered to be in quite as good an area. However 10 mins walk to a Luas and I have just spent 20k refurbishing completely.
If I sell No 1 I will pay off mortgage no 2.
Problems selling No 1 is large cgt bill(although as uk resident not sure how this will affect me) and the fact that it's just refurbished means that if I kept it I wouldn't need to invest much in it over next 5 years of rental.
Am told by local estate agents that both will sell in 2 weeks due to massive demand.
I'm confused!! Is there an obvious choice?
Thanks guys.
nbc
I have been in London for 3 years and am considering buying a place there. I can't do it without selling a property here. If i list the details below I wonder could people advise if there's an obvious answer. Both 3 bed semis in the suburbs of Dublin with rental income of about 1000(less than market rate but good tenants)
1) Purchased 1999 for 120k Current value 240k mortgage paid off
2) Purchased 2005 200k. Current value 240k Mortgage remaining 120k Rate 5 % 1100pcm
Property 1 not considered to be in quite as good an area. However 10 mins walk to a Luas and I have just spent 20k refurbishing completely.
If I sell No 1 I will pay off mortgage no 2.
Problems selling No 1 is large cgt bill(although as uk resident not sure how this will affect me) and the fact that it's just refurbished means that if I kept it I wouldn't need to invest much in it over next 5 years of rental.
Am told by local estate agents that both will sell in 2 weeks due to massive demand.
I'm confused!! Is there an obvious choice?
Thanks guys.
nbc